City developers feel that the use and sale of the Transport of Development Right (TDR) percentage need to be reversed from 0.33 to 0.66. If the state government allots 0.66 TDR to developers, it will help the state earn an additional revenue of the Rs 5,000 crore, they say.
City developers feel that the use and sale of the Transport of Development Right (TDR) percentage need to be reversed from 0.33 to 0.66. If the state government allots 0.66 TDR to developers, it will help the state earn an additional revenue of the Rs 5,000 crore, they say.
According to a state official, they sell 0.33 TDR by way of premium to the developers, while the remaining 0.66 TDR is raised in the open market by developers. Premium TDR has not been generated on any reserved land, but the state government sells this virtual space on its own authority to generate revenue. Currently, the state and the civic body earn almost Rs 2,400 crore in revenue by selling the premium 0.33 TDR in market.
Developers buy TDR from the state as per the ready reckoner (government) rates. Sunil Mantri, president of NAREDCO, the umbrella body of the developers, told dna that by reducing the use of TDR as per the proposed draft TDR policy will hamper the city's development. "Eighty per cent redevelopment projects will be stuck. Most of the buildings are in bad condition and need to be urgently repaired," he said.
Late chief minister Vilasrao Deshmukh had decided to reserve the use of the TDR percentage. "He had promised that subsequently, the ratio will be increased. But the proposal to increase the TDR percentage is still lying in Mantralaya. We hope the incumbent BJP-run state government will revise the proposal," said Atul Nemade, a property expert.
Mantri also said that there should not the restriction over the use of the floor space index and TDR. "In all international cities including Dubai, Singapore, the FSI has been used between 8 to 30 while in Mumbai it restricted to 2 including TDR. How will our city grow with the limited virtual space," he asked.
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